Coleman bows out, concedes US Senate race to Franken

Just moments ago, former Sen. Norm Coleman stepped outside his St. Paul home and announced he wouldn’t pursue any more legal challenges to the election of Democrat Al Franken to the US Senate. "I congratulate Al Franken on his victory in this election," Coleman said. (The full text of his prepared remarks is below the jump at bottom.)

The announcement, which came just hours after the Minnesota Supreme Court unanimously ruled against Coleman’s appeal, follows reports in recent weeks that Coleman would drop out if he lost at the state’s highest court. As we noted at PIM at the time, Roll Call reported on June 4 that Coleman insiders were saying their man would go if he did not prevail at the state court.

More related PIM Coleman coverage:

Coleman rep says "no decision has been made" about proceeding past MN supremes

Another reason Coleman might go: He needs to make money

The released text of Coleman’s remarks: